The Dodd-Frank mortgage shift: From pre-qualify to pre-approval

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 · Katie Brinson with mclean mortgage explains the difference between Pre-Qualify and Pre-Approval. Katie Brinson with McLean Mortgage explains the difference between Pre-Qualify and Pre-Approval.

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 · You’ve probably heard that you should pre-qualify or get pre-approved for a mortgage if you’re looking to buy property. These are two key steps in the mortgage.

It is possible to get preapproved for a home loan with poor credit, but it isn’t easy. Be clear about your credit score, how you got there and what you’ve done to rectify any hardship scenarios.

Before you start looking for a home in earnest, though, you should get pre-qualified for a loan. Ideally you’ll get pre-approved. To do that, you’re going to need to talk to a loan officer. What’s the difference between a pre-qualification letter and a pre-approval letter? And how can you find a good mortgage.

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The Dodd-Frank Consumer Protection Act, which was signed into law in July 2010, forever changed the housing market landscape. Designed to restore consumer confidence in the housing industry, the law has created strict regulatory mandates, the impact of which are being felt by both mortgage lenders and mortgage seekers.

“Under Dodd-Frank. brokers aren't allowed to make more than 3% in points and fees,”. MORE: See our top picks for mortgage preapproval.

This means getting preapproved for a mortgage. "Not only does it give the buyer an idea of what they can afford but it gives. A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because it means the lender has checked your.

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After you find the right home, getting the right mortgage is the next important decision you’ll make in the homebuying process. Being prequalified by a mortgage lender lets you know how much you can borrow. To be sure you’re getting the best deal, talk with multiple lenders and compare their mortgage interest rates and loan options.

Comptroller’s Handbook 1 Mortgage Banking Introduction The Office of the Comptroller of the Currency’s (OCC) Comptroller’s Handbook booklet, "Mortgage Banking," provides guidance for bank examiners and bankers on various mortgage banking activities, such as the purchase or sale of mortgages in the secondary mortgage market.

How Qualified Mortgage Affects Lenders  · New mortgage rules change game for Borrowers and Banks. By Angela Colley | Jan 14, 2014.. Find a lender who can offer competitive mortgage rates and help you with pre-approval.